936 Harrison Ave. in Kearny — Courtesy: Seagis Property Group
By Joshua Burd
Seagis Property Group has acquired more than 211,000 square feet of newly completed logistics space in Kearny, in a deal arranged by Cushman & Wakefield.
The firm, one of the state’s largest industrial owners, is now marketing the vacant building at 936 Harrison Ave. alongside leasing agents with JLL. That offering includes 38-foot clear ceiling heights, fully equipped loading, full-building circulation and a two-acre, fully paved drop lot for fleet and trailer parking.
Cushman’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the sellers, Russo Development and River Development, which built the 211,287-square-foot warehouse on 17 acres near Interstate 280.
“This was a unique opportunity to purchase one of the best modern logistics buildings in northern New Jersey,” said Tyler Baker, a vice president with Seagis. “The combination of the building’s immediate and direct access off the New Jersey Turnpike and its high-quality construction with an abundance of trailer parking made the opportunity unique.
“Although we believe the building will be attractive to single-use occupier that is focused on quality, presence, safety and access to major highways and amenities, we also feel that the building is well positioned to provide flexibility to accommodate two occupiers that are looking for these qualities.”
C&W also procured the buyer in the deal, the terms of which were not disclosed.
“Russo Development is a prolific and respected developer in New Jersey and we are pleased to have partnered with them on the sale of this ideally designed and well-positioned property,” Gabriel said. “936 Harrison Avenue’s strategic location, with one-turn New Jersey Turnpike access and proximity to the Port of NY/NJ, coupled with its state-of-the-art features, made it a highly attractive investment opportunity.”
JLL vice chairmen Rob Kossar and David Knee, Executive Managing Director Chris Hile and Executive Vice President Iggy Armenia lead the leasing team for what’s known as Kearny Logistics Center.
“KLC is strategically located near the largest population center in the U.S., the Port and the CSX Intermodal, offering companies the ability to reduce delivery times and optimize supply chain efficiency,” said Kossar, a leader of JLL’s Northeast industrial region. “This proximity minimizes transportation costs and enhances the speed to the consumer, critical for meeting customer demand in today’s competitive logistics environment.”
Baker, meantime, cited Seagis’ long history in the Garden State, adding that “it is rare to have the opportunity to acquire such high-quality real estate in northern New Jersey.
“We will invest in both vacant and stabilized opportunities and as long-term, local investors and owners in New Jersey, we continue to look for opportunities with a long-term investment horizon,” he said.
Omer Mir Ahmed, chief development officer of Conshohocken, Pennsylvania-based Seagis, added: “The transaction was seamless, thanks to decades of experience on the Russo Development and Cushman & Wakefield teams and efforts made by all involved. 936 Harrison Ave is an outstanding addition to our growing portfolio.”
The brokers involved also noted that users will have easy access to all Hudson River crossings and the New York metropolitan area’s vast population. The ability to acquire a new, vacant facility in such a market was a “rare opportunity” for Seagis, C&W’s Schmidt said.
“It could be several years before we see another trophy Meadowlands industrial building marketed for sale,” he said. “Investors recognized that, and Seagis came out on top after a hugely competitive process.”
Russo, River Development set to unveil 211,000 sq. ft. spec industrial building in Kearny
